US airlines seek $50 billion bailout amid rising frets of bankruptcy due to Covid-19


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US airlines seek $50 billion bailout amid rising frets of bankruptcy due to Covid-19

As almost all of the G20 nations had already initiated a nationwide lockdown alongside border shutdown measures, tourism alongside aviation industry appeared to be heading for a heavy header, while analysts expressed steep concerns that a number of small-scale airlines might go bankrupt by early May unless interventions or fiscal injections from the Government.

In the wake of such slanderous outlook in the US aviation industry, a number of leading airlines had requested a bailout package of at least $50 billion from Washington following a sharp decline in international and domestic flights, while local media headlines had revealed that the White House had been rushing on to creating a financial assistance package to avert a caustic consequential repercussion stemmed from the coronavirus outbreak.

On top of that, the Airlines for America, a trade body representing major US airliners such as American Airlines, Delta Air Lines Inc., United Airlines Inc., Southwest Airlines Co. and others, said in a statement on Monday (March 15th) that the US aviation industry required at least $25 billion in grants and $25 billion in debts alongside tax breaks, while sources close to the Airlines for America were quoted saying that the United States’ largest aviation trade body had also been piling up pressures for a tax relief up until end-2021 what could be worth of tens of billions of dollars.

Meanwhile, voicing a fairly upbeat tone, the US President Donald Trump said shortly after Airlines for America’s Monday (March 15th) statement, “We have to back the airlines - it’s not their fault. We’re going to be backstopping the airlines. We’re going to be helping them very much. ”